Red Deer home sales over the last decade have been anything but exciting. We’ve seen a slight increase in average sale prices but not enough each year to really notice, and sales numbers have decreased each year since 2014.
In Alberta, we keep getting hit by economic punches since oil dropped big in 2014. After that, the market reeled when mortgage rules weakened everyone’s buying position in 2018, and right when we were seeing a glimmer of light at the end of the tunnel COVID-19 stepped in the way to throw our economy in a disarray like never before.
I’ve written in recent posts how the market has slowed substantially and now we get to see just how much as stats roll out.
The COVID-19 crisis kicked in mid-March but real estate closings are delayed so stats don’t reflect immediately. March appeared normal but April stats are painting the picture.
It’s a good time to reset the Red Deer home sales chart and now track from 2019 because, as low and uneventful as it was, it will be the year we measure the market against for a long time. For years we’ll hear, “What’s happened to the market since the COVID-19 mess?”
Sales in April 2020 were down 58% over April 2019 with only 47 single family homes sold in Red Deer. To put that into perspective, in April 2019 there were 111 single family homes sold, in April 2014 there were 176 sold, and in April 2007 211 single family homes sold in Red Deer.
2019 sales numbers look bad enough comparing them to the past. 2019 sales were 37% lower than in 2014 and 47% lower than in 2007 but April 2020 single-family home sales, due to COVID-19 is 78% lower than the peak in 2007.
From here on we’ll chart the current home sales number comparing them with 2019. To see past stats and charts search home sales on the main www.HomeScope.ca page. If you’d like specific stats, charts, what they mean and how they apply call, text or email Blake King with Big Earth Realty anytime at (403) 350-7672 or email@example.com